Changchaigufen: Changchaigufen stock exchange merger with Dazhihui

Xiangcai Corporation Announcement: This equity change is the result of Xiangcai Corporation Limited acquiring Shanghai Dazhihui Corporation Limited through stock absorption merger, leading to an increase in the equity holdings of the information disclosure obligors and their concerted actors. This equity change does not involve a tender offer. Prior to this equity change, Mr. Zhang Changhong and his concerted actors did not hold any shares of the company; after this equity change, Mr. Zhang Changhong and his concerted actors will directly hold 890.6363 million shares of the company, increasing their shareholding percentage to 17.32%. This equity change will not result in a change in the company's controlling shareholder or actual controller.